Quilter Cheviot, the UK's second-biggest independent wealth management group, has rejected a £600m bid from Old Mutual, according to a report.
Richard Pursglove has exited Artemis Fund Managers after just a year at the group.
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Multi-asset and equity products have driven net intermediary inflows of £3.8bn for Schroders in the first half of 2014, prompting a 50% hike in the group's interim dividend.
Fund Focus: Old Mutual's Stewart Cowley on how to prepare for rising interest rates